BSP, Nasfund Ink Agreement to Improve Superannuation Access
Bank South Pacific (BSP) and the National Superannuation Fund (Nasfund) have signed a Memorandum of Understanding (MOU) aimed at improving access to banking information for Nasfund members.
The agreement, signed in Port Moresby this week, enables BSP to securely share members’ bank statement details with Nasfund upon members’ consent, removing the need for physical visits to branches when processing partial or full superannuation withdrawals.
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| BSP, Nasfund Ink Agreement to Improve Superannuation Access |
Nasfund Chief Executive Officer Rajeev Sharma described the arrangement as a major step toward enhancing member convenience and service delivery.
BSP Group General Manager – Retail, Ronesh Dayal, said the service will be implemented by the end of this month, and discussions are underway to replicate the arrangement with other superannuation funds.
Mr Dayal noted that the majority of Nasfund’s members – about 75% – already bank with BSP, making them the ideal partner for the first rollout.
Mr Sharma said Nasfund is committed to pursuing similar partnerships with banks and other financial institutions to further improve services for its more than 724,000 members across Papua New Guinea.
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